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of <h1>Private Industrial Park in Bangalore Approved for Tax Benefits Under Section 80IA(4)(iii) of the Income-tax Act 1961</h1> The Central Government has notified the industrial park developed by a private company in Bangalore under Section 80IA(4)(iii) of the Income-tax Act, 1961. This notification approves the industrial park, PriTech Park, for tax benefits, subject to specific conditions. The park spans 241,620 sq. ft., with 95% allocated for industrial use and 5% for commercial use. The minimum investment required on infrastructure development is set at 50% of the total project cost. The park must house at least five industrial units to qualify for tax benefits. Any changes in the project or failure to meet conditions could invalidate the approval.
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